Pierce_Bowers

Pierce_Bowers Updated 

Gold prices reversed course today, with the precious metal climbing over $25, now trading around $2,635 USD. The recovery on Thursday marked the end of a six-session losing streak as traders reacted to key U.S. economic data. The latest reports provided investors with crucial insights into the potential direction of the Federal Reserve’s policy for the remainder...

Pierce_Bowers

The trading session on October 8th, 2024, witnessed a sharp correction in gold prices. As predicted in the previous analysis, there’s a high likelihood that today's session will mark the bottom of this correction. At this point, we will wait for a good entry point to hold a long-term position. Today's Trading Outlook: Primary Trend: Focus on SELL scalp (while...

Pierce_Bowers

Today, EURUSD continues its downward trajectory, trading below key levels as the US Dollar strengthens. The pair has been under pressure due to positive US economic data, which has fueled expectations of prolonged higher interest rates by the Federal Reserve. Meanwhile, eurozone economic outlook remains uncertain, contributing to the weakening of the Euro. As a...

Pierce_Bowers

The Japanese Yen (JPY) held steady against the US Dollar for a second consecutive day on Tuesday, despite doubts about a sustained bullish trend. Overnight comments from Japanese officials raised concerns about possible intervention, while escalating geopolitical tensions in the Middle East boosted JPY’s safe-haven appeal. Additionally, a slight decline in the US...

Pierce_Bowers

GBPUSD is currently trading around 1.309 in the early session on Tuesday. While the pair is moving in a downward trend, a closer look at the technical chart reveals a familiar wave cycle that appears to be repeating. In this scenario, GBPUSD could potentially gain bullish momentum after testing the support zone and the 34 and 89 EMAs. The long-term outlook for a...

Pierce_Bowers

Gold prices continue to struggle in gaining any significant momentum, remaining confined within the familiar range that has persisted over the past week or more amid mixed fundamental signals. Rising tensions in the Middle East, coupled with a weaker risk appetite, are providing some support for the safe-haven asset, XAU/USD. Despite these factors, the market has...

Pierce_Bowers Updated 

The Head and Shoulders pattern in this chart is signaling a potential bearish reversal. Key area: If the price breaks below the neckline around 1.3040, we might see a continued downward movement. Target price: If the breakout is successful, the price could drop towards the 1.2815 zone. Strategy: You can consider entering a sell position if the price falls below...

Pierce_Bowers Updated 

Global gold prices have continued to dip slightly today, with the market's focus shifting toward the escalating tensions in the Middle East. Gold is widely regarded as a safe-haven investment during times of political unrest. Since the beginning of 2024, gold prices have surged by over 28%, driven by fears of growing instability in the region. According to the...

Pierce_Bowers

The chart indicates that gold prices are moving sideways within a relatively narrow range on the H1 timeframe. Support is around 2,645, and resistance is near 2,665, forming a clear consolidation zone. The price is currently fluctuating within this range, without any strong signs of a breakout. Market factors, such as the strengthening of the US dollar due to...

Pierce_Bowers

Yesterday's trading session saw gold prices continue fluctuating within the sideways range of 2640 - 2665. At 19:30 today, several important news events will be released, which could potentially break this sideways range. For today's session, we have two trading plans: Scenario 1: Gold drops to the 2630 zone first, then bounces back to the 268x region. Scenario...

Pierce_Bowers

Based on the chart for GBP/USD you've provided, here is a trading strategy that follows a bearish (downward) direction: Break Below Support: The price has broken below the key support zone (around 1.3260), signaling further downside potential. This area now acts as a resistance level. Sell Opportunity: If the price retraces back to the previous support (now...

Pierce_Bowers

The EUR/USD pair remains on the defensive, hovering near 1.1035, as the stronger U.S. dollar dominates in early Friday trading in the Asian session. Market caution ahead of key U.S. economic data is putting pressure on the major currency pair. All eyes are now focused on the U.S. jobs report, set to be released later today.

Pierce_Bowers

Gold prices are currently moving sideways, consolidating amidst conflicting fundamental signals as traders eagerly await the U.S. Non-Farm Payroll (NFP) report to position themselves for the next major directional move. Rising tensions in the Middle East are weighing on investor sentiment, acting as a key driver for the demand for safe-haven assets like...